US National Debt Exceeds $38 Trillion: Will the Higher the Debt, the Higher the BTC Price?

By Anthony Pompliano, Founder and CEO of Professional Capital Management

The United States of America is a first in many things. We were the first to write and ratify the Constitution. We were the first to send a man into space. We were the first to land on the moon. We were the first to build a commercial nuclear power plant. We were the first to ratify important human rights amendments like free speech and due process of law.

This week, the United States added another first. The U.S. national debt just surpassed $38 trillion, making us the first country in human history to accumulate such a massive debt.

Adam Kobeissi writes: "For the first time in history, the total U.S. debt has officially surpassed $38 trillion. This means that the total U.S. debt will increase by $500 billion this month, or $23 billion a day."

Give yourselves a round of applause.

Oh wait, this isn't a milestone we should celebrate. In fact, we should be shocked by the lack of fiscal discipline our country's leadership has to avoid this.

A big driver of our catastrophic fate is our addiction to printing money. Jesse Myers writes, "The printing press has never been hotter than it was before the COVID-19 pandemic. The global M2 money supply is now about $137 trillion. Just six months ago, it was $129 trillion." Lawrence Le Pard notes, "Global M2 is growing at an annualized rate of 12%. That's a far cry from the Fed's 2% target, and they haven't even really started the printing press yet." I don't think the national debt problem will go away in my lifetime. This means the currency will be devalued to avoid default, so politicians of both parties are effectively handing the debt to our children and grandchildren. This is awful and hopeless. The only thing I can do is take some of the economic value out of this broken system.

The higher the national debt, the higher Bitcoin will rise.

And it doesn’t look like they’re going to stop anytime soon.